GE Money (formerly Igroup)

[cheshirecat]

I have a secured loan with this organisation.

 

Basically in the summer last year I wanted to arrange a remortage to do a buy to let. I have bundles of equity in my house, and have reduced my mortgage by about £50K since taking the GE Money secured loan. Furthermore my property has doubled in value (according to the remortgage valuation) since taking the GE loan. So they are well protected.

 

Anyway, as part of the remortgage process, I had to get GE to sign a deed of postponement in favour of the new mortgage company. They agreed to do this, subject to a £100 admin fee plus legal costs. The legal costs later came through at £117.50, so a total of £217.50.

 

This process took about three months, due to the poor level of service from GE. Basically a deed of postponement is a simple standard document and process, but GE of course like to make it seem complicated and convoluted.

 

After the remortgage finally completed in November (5 months!) I wrote to GE condemning their customer services and telling them that there charges were excessive and that I was protected under the Unfair Terms in Contracts Act. I also asked them for a copy of their solicitors bill for £117.50.

 

Guess what, they have agreed to refund me £117.50, as this work was done by their inhouse legal team and not a solicitor.

 

All these organisations are money grabbing sharks who must be taken to task at every opportunity. They jump on us for every transgression, so rightfully we must not hesitate when the boot is on the other foot.

 

Also in December got £24 refunded from Barclaycard for an excess limit fee!

 

all the way to the bank!!!!

[BankFodder]

Well done on recovering your money - apparently so easily!

 

You mention the Unfair Terms in Contract Act. However, do you mean the Unfair Terms in Consumer Contracts Regs. 1999?

 

These are the ones which have to be applied by the OFT.

 

I can't find any trace of the Act which you refer to.

[cheshirecat]

Well done on recovering your money - apparently so easily!

 

You mention the Unfair Terms in Contract Act. However, do you mean the Unfair Terms in Consumer Contracts Regs. 1999?

 

These are the ones which have to be applied by the OFT.

 

I can't find any trace of the Act which you refer to.

 

You are right it is Unfair Terms in Consumer Contracts Regs. 1999

 

And it was as easy as that!

[horace4831]

Check out my post in the "General" section-" Loans-A NEW TWIST-

this applied to iGroup/GE Money. Really hope it can help YOU![/u]

[cheshirecat]

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